“Cryptosecurity” That Works Just Like Bitcoin?

Overstock, an American online retailer based in Utah, announced its plans to offer a new kind of digital security that works just like bitcoin. According to its CEO Patrick Byrne, the company has already hired developers and lawyers needed to put this plan to action.

Their next step is to secure approval from financial authorities, which is why the company already filed a prospectus with the Securities and Exchange Commission indicating their plans to issue up to $500 million in stock or other financial securities similar to the online system that governs bitcoin.